Petrodollar Collapse Accelerating in 2024, The Fuse Has Been Lit – Andy Schectman
Petrodollar Collapse Accelerating in 2024, The Fuse Has Been Lit – Andy Schectman
Kitco News: 1-5-2024
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Andy Schectman, President and Owner of Miles Franklin, who discusses the official addition of five new members to the BRICS bloc as of January 1st.
Schectman warns that the expanded alliance, which includes Saudi Arabia, accelerates the collapse of the petrodollar and ultimately leads to the demise of the dollar as the global reserve currency.
He explores why countries are dumping U.S. debt and stockpiling gold.
Schectman also gives his outlook on the BRICS common currency and shares his forecasts on gold and Bitcoin.
00:00 – Introduction
02:42 - BRICS Expansion and Influence
04:30 - The Petrodollar System
17:11 - De-Dollarization & the Saudi Significance
36:40 - Countries Dumping U.S. Debt, Dollar
44:12 - U.S. Response to De-dollarization
53:15 - BRICS & Common Currency
57:50 - The Role of Gold and Central Banks
01:07:50 – Bitcoin